Global regulators look to co-operate

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The complexity of the derivatives market means international regulation is the only way forward, according to the heads of three major regulatory agencies.

Timothy Geithner, president of the New York Federal Reserve Bank, Callum McCarthy, chairman of the UK Financial Services Authority, and Annette Nazareth, a commissioner at the US Securities and Exchange Commission, have said backlogs in the credit derivatives market have been cut back, but more remains to be done.

In a letter to the

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